- The number of Bitcoin whales has reached a new all-time high.
- Most of the current supply hasn’t been moved for a year.
In recent weeks, Bitcoin (BTC) price has been on the rising side, causing many people to believe that the cryptocurrency is set for the long-predicted bullish rally. Amidst the current upticks in Bitcoin price, the number of Bitcoin whales is also growing and has reached a whole new level, which hasn’t been recorded before. The number is expected to increase, as Bitcoin shows off strength continuously.
Bitcoin whales are increasing
As the price of Bitcoin began picking up last week, Bitcoin whale addresses with at least 1,000 BTC increased to a total number of 2,178. However, according to the on-chain data analytics platform Glassnode, that number jumped to 2,231 as of October 25. The information entails that 53 new Bitcoin whales were birthed within the space of six days. Following the current price of the cryptocurrency at $13,088, the new stacks up over $693,664,000 or 53,000 BTC combined.
Overall, the entire Bitcoin whales possess 2,231,000 BTC or over $29 billion. This accounts for roughly 12 percent of the Bitcoin’s current circulating supply. Noteworthily, it may be inaccurate to suggest that the number of persons behind these giant addresses also sums to 2,231. This is because an individual can possibly own more than one whale address. Also, a group of persons might also have one single whale address.
Whales are turning strong hands
It may be agreeable to note that the activities and increase of Bitcoin whales are somewhat influenced by the bullish moment of the cryptocurrency. As Bitcoin began recouping from the losses in March to $9,000, bigger whales were seen returning to the market, as the addresses with at least 10,000 BTC surged to 111.
Despite the increase in Bitcoin price in recent weeks, a significant percentage of Bitcoin supply hasn’t been touched for years. Reportedly, about 62 percent of Bitcoin’s current supply hasn’t been touched or moved for up to one year. Additionally, nearly one-third of the percentage hasn’t moved for at least three years.